Katana Capital Ltd. · ASX:KAT
Katana Capital — Shareholder Meeting (November 2013)
16 slides from Katana Capital's shareholder meeting presentation, Nov 22, 2013
Slide 1: Katana Capital Ltd AGM
For personal use only 21 November 2013 Katana Capital Ltd AGM
Slide 2: Disclaimer
Disclaimer For personal use only The information contained in this presentation is provided to each recipient on the following basis: a) this presentation has been produced by Katana Asset Management (KAM). This presentation does not purport to contain all the information that the recipient may requ
Slide 3: Agenda
Agenda For personal use only • Who we Are • Our Investment Philosophy • Our Track Record • Key Themes Going Forward 3
Slide 4: Who We Are
Who We Are For personal use only • Western Australian based investment management team. • Benchmark unaware long only Australian Equities. • Managing money since 2003 in the private arena and 2005 in the public arena. • Currently manage $35-40m in FUM across 2 investment vehicles of which approximat
Slide 5: Who We Are
Who We Are For personal use only Romano Sala Tenna – Portfolio Manager B.Bus (IS) with distinction, Grad Dip Applied Investment Analysis, ADA 1&2 18 years investing experience Brad Shallard – Portfolio Manager B.Bus (Accounting), CPA, Dip of FP, Grad Dip Applied Investment Analysis, ADA 1&2 19 years
Slide 6: Who We Are: Service Providers
Who We Are For personal use only Service Providers • Auditors : Ernst & Young • Custodian & Administrator : JP Morgan • Banker : JP Morgan • Legal Advisors : McMahon Clarke Legal Steinepreis Paganin • Principal Place of Business: AMP Building, Level 16 140 St Georges Tce Perth WA 6000 6
Slide 7: Our Investment Philosophy
Our Investment Philosophy For personal use only “Think independently but act in unison with the Markets” Benchmark Unaware All Opportunities Fund • Flexibility to maximise returns without constraints on Size, Sector or Theme. Top Down Macro Overlay with Bottom Up Stock Analysis • Economic cycle (tim
Slide 8: Our Investment Philosophy: Portfolio Parameters
Our Investment Philosophy For personal use only Portfolio Parameters • 50 - 60 individual stock positions • Seek to invest 1 – 5% on average • Mandated maximum position sizes • Cash Position historically 5% - 25% • Significant value added with stock positions outside ASX50 • No gearing applied to th
Slide 9: Performance
For personal use only Performance 9
Slide 10: FY13 Review
FY13 Review For personal use only • FY13 – Incremental Improvement – Although the environment remained challenging there were early signs of improvement in global economies, led by the US – Confidence remained low and EPS growth negligible in Australia – As a consequence, the Manager maintained rela
Slide 11: Top Holdings (31 Oct 13)
Top 10 Holdings (31 Oct 13) For personal use only 11
Slide 12: Top Holdings (31 Oct13)
Top 10 Holdings (31 Oct13) For personal use only • Top 10 and Key Changes – NAB became the top holding • Excellent EPS growth prospects, UK improving, strong div yield • Manager - high conviction – BPT’s conventional assets undervalued excluding value add potential of the unconventional assets. – RI
Slide 13: GICS Categories
For personal use only GICS Categories 13
Slide 14: Macro - Looking Forward
Macro - Looking Forward For personal use only • Macro looking forward: – Early signs of improvement in developed economies (US, UK, Japan, Europe) with China growth still positive. – Global EPS growth outlook much improved although partly driven by cost-outs with sales and margin growth still challe
Slide 15: Strategies Going Forward
Strategies Going Forward For personal use only • Strategies going forward… – KAT to progressively put cash to work by investing in High Conviction stocks – i.e. well-priced, financially sound, quality companies with excellent management, executing on robust strategies to deliver above system EPS and
Slide 16: Katana Capital Ltd AGM
For personal use only 21 November 2013 Katana Capital Ltd AGM